Economics

Topic Videos

Joint Demand

Level:: AS, A-Level, IB

Board:: AQA, Edexcel, OCR, IB, Eduqas, WJEC

Last updated 6 May 2017

Joint demand is when the demand for one product is directly and positively related to market demand for a related good or service. Two complements are said to be in joint demand and the cross price elasticity of demand is negative. Examples of joint demand include: fish and chips, iron ore and steel and apps for smartphones. The value of the worldwide market for 3D printers grew to around 5.17 billion U.S. dollars in 2016. This was a 26 percent increase, compared with the previous year!